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Reasons why you may need a power of attorney

On Behalf of | Dec 23, 2022 | Estate law |

Sometimes, Connecticut residents can find themselves in a situation where they can’t make decisions about their personal and financial needs. This is where estate planning comes in, particularly a power of attorney. It lets you plan in advance who will make decisions for you if you are unable to do so.

A power of attorney in Connecticut

A power of attorney is a legal estate planning document that gives someone else the authority to act on your behalf and manage your financial affairs, such as paying bills, filing taxes and making investments. This person is called an “attorney-in-fact,” or agent. They can be any person you trust, such as a relative or close friend, as long as they are competent enough to make decisions and understand the implications of any action taken.

You can choose to give your agent as much or as little power as you want. For example, they may be able to make decisions about specific areas such as health care, property management, investments or taxes. Alternatively, you may want them to have ultimate control over all your financial affairs.

Why it is important

In Connecticut, a power of attorney provides legal protection if you become incapacitated or are unable to make decisions for yourself because of an accident or illness. Without one, your family members and friends could have a hard time accessing finances on your behalf. The process for obtaining guardianship is lengthy, expensive and often time-consuming – and ultimately, the court makes the final decision rather than you.

A power of attorney can also give you peace of mind that if anything were to happen to you, someone you trust would take care of your financial affairs the way you want them to. Moreover, it can help you avoid disputes between family members and other potential estate beneficiaries.

When creating a power of attorney in Connecticut, it’s important to consider who will serve as your agent and how much authority they should have over your finances. You should also think about when the document will come into effect and any limitations or special instructions you may want to include. Familiarizing yourself with state and federal laws regarding this type of estate planning document is also important so that no one can question the document’s validity.